Armenia’s budget deficit last year expected to make 1.6-1.8 % of the GDP –minister

YEREVAN, January 29. / ARKA /. Armenia’s finance minister David Sargsyan said today the budget deficit last year is expected to make 1.6-1.8 % of the GDP, down from 2.6%, projected by the government. In terms of money, the projected figure is equivalent to 119.8 billion drams.

The minister attributed the low level deficit to lesser use of international loans provided for construction of North-South transport corridor because ’the main focus was on quality of construction and not on speed.’

He said another positive factor was the deficit of the current account of balance of payments, which, according to preliminary estimates is around 8.5-9 %.

"In fact, we have entered the new year with a strong reserve and a more stable macroeconomic position, which is very important against the background of global trends that do not inspire optimism in terms of economic growth," the minister said. -0-